Selectmen, Town Meeting To Decide If Analog Devices Will Receive Huge Tax Break To Allow Expansion To Move Forward

WILMINGTON, MA — Analog Devices has expressed an interest in consolidating its Norwood and Chelmsford operations at its Wilmington location.

Analog Devices, which is the town’s largest employer, is looking to expand in Wilmington with the construction of a 174,000 square foot three-story LEED certified office building, construction of a 52,000 square foot HUB building, a 215,000 square foot three-story parking garage, and renovations to existing buildings. The total investment is estimated at nearly $157 million.

Any new construction, however, is contingent on the company and town coming to terms on a Tax Increment Financing (TIF) agreement.

Under a TIF, the town continues to collect 100% of existing real estate tax revenue, but allows for a tax exemption based on the increased assessed value due to property improvements. The tax incentive is a discount on projected future taxes during the life of the proposed TIF.

Under Analog Devices’ initial proposal, the company’s property taxes on planned new construction would be reduced by approximately $17.9 million over the next 20 years.

The town’s staff has been meeting to develop counter proposals for consideration. Meanwhile,  a Town TIF Committee has been formed, consisting of Selectman Mike McCoy, Selectman Kevin Caira, Finance Committee member John Doherty, Assistant Town Manager Dee Casey, Principal Assessor Karen Rassias, Planning & Conservation Director Valerie Gingrich, and Town Manager Jeff Hull have been developing parameters for offering counterproposals.  The Committee had its first meeting with Analog Devices representatives on Monday, February 26.

For any proposal to move forward, the Board of Selectmen will need to endorse a TIF warrant article.  Additionally, a majority of voters at Town Meeting will need to vote in favor of the TIF article.

Selectmen will receive an update on the situation at its next meeting on Monday, March 12.

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